I am certainly not an expert on this issue, but a few of the following things will happen:1. The currency of that country would collapse and it would be worth less than the paper the money are printed on.2. Economic output would decline dramatically.3. The retail and service sector would be decimated.4. High unemployment rates5. The price of imports would increase since the currency of the bankrupt country would be worth less to nothing.6. Financial assistance would not be available from inside the country.7. A serious decline in the standard of living.